The number is what seems to be out of whack. 500K supposedly shipped in 1927. My lettered South African, 685XXX shipped May 3, 1940. I am not aware of any .38 S&W chamberings in 1905's prior to the WWII era or that era begining at such a low number. But it is what it is. A pre-V that went to England should bear proofs. Other Commonwealth countries likely not.

There were U.S. agencies that used the Regulation Police and Colts in .38 S&W. There are more questions than answers.

In the final analysis it is the equivalent of a butchered Victory. An ill advised modification with very nominal value and a potential hazard. They started locking the ejector rod early, with good reason.